Zscaler Inc
$28.66B- Market cap
- $27.69B
- Debt
- +$1.90B
- Cash
- −$928.35M
Capital structure 94% equity / 6% debt · EV / Revenue 8.55x · EV / EBITDA 262.32x
Compare price, profitability, solvency, and SEC-reported financials side by side—before deciding which assumptions deserve a closer look.
FY 2026 · Mkt cap
Decision snapshot: ZS stock price at premium vs VIAV $169.80 current versus $116.48 implied using P/S multiple.
Quick read
Each company valued on the other's multiple, then compared with the market price.
Implied fair value · at VIAV's multiple
Implied fair value · at ZS's multiple
Snapshot Sep 4, 4:00 PM ET
Metric by metric
Where each company leads, and how wide the gap is.
Growth lag
Pricing power
Operating leverage
Multiple premium
Not comparable
Lower leverage
Statements
Core statements aligned to each company's latest fiscal year.
SEC periods: ZS FY 2026 (ended Jul 31, 2026) · VIAV FY 2026 (ended Jun 27, 2026). Fiscal years are not aligned.
Trendline
Five fiscal years of revenue, earnings, and margins before underwriting a re-rating.
Price framework
Market cap plus debt, less cash.
Capital structure 94% equity / 6% debt · EV / Revenue 8.55x · EV / EBITDA 262.32x
Capital structure 97% equity / 3% debt · EV / Revenue 5.40x · EV / EBITDA 66.86x
ZS carries the larger enterprise value at $28.66B against $8.20B; VIAV trades on the lower EV / Revenue multiple (5.40x vs 8.55x); VIAV on the lower EV / EBITDA (66.86x vs 262.32x).
Price framework
The same filing-backed model used on each company's valuation page, with company-specific inputs and calculated scenarios.
Zscaler Inc · implied price per share
Debt and bridge-cash inputs are required to translate enterprise value into equity value.
Viavi Solutions Inc. · implied price per share
Debt and bridge-cash inputs are required to translate enterprise value into equity value.
Balance sheet health
Financial health checks to separate durable balance sheets from potential value traps.
Financial strength on a 0–9 scale.
Bankruptcy-risk signal from balance sheet and earnings power.
Debt / equity
Total debt against shareholders' equity
0.73x
0.17x
Net debt / EBITDA
Leverage against operating earnings
8.93x
-3.30x
Cash and equivalents
Liquid reserves on the balance sheet
$928.35M
$649.80M
Total debt
Interest-bearing obligations outstanding
Comparable set
Where the pair sits against the wider comparable set.
Keep comparing
Open adjacent comparisons from the same industry to pressure-test the read across multiple pairs.
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$1.90B
$244.80M
LLM-powered synthesis
An on-demand narrative read of the same deterministic data.
This explanation uses an earlier data snapshot or evidence version. Review its generation date and the current figures, or refresh after signing in.
If you believe ZS can convert its 23.3% revenue growth and 76.9% gross margin into sustained operating profitability, then hold or accumulate despite the near-term 9.1% valuation downside signal, because the market is paying for better growth and product economics rather than current earnings.
ZS is priced at $162.60 versus an implied price of $147.86 from the P/S comparison, suggesting about 9.1% downside on that basis. The gap is driven by ZS trading at richer revenue and EBITDA multiples than VIAV despite weaker current earnings profitability, though ZS also has a higher growth profile and stronger gross margin.
Supporting Metrics